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It’s time to reflect on the reason so many homes are demolished



Published: Thu, April 17, 2014 @ 12:00 a.m.

It’s time to reflect on the reason so many homes are demolished

We should all welcome the grants that will allocate $7.5 million to demolish at least 300 abandoned and run-down houses in Trumbull and Mahoning counties; however, we cannot forget one of the key elements that led the Mahoning Valley and much of the country into such disrepair.

During the housing boom period, lenders were passing out ridiculously structured loans and once the recession hit, it became nearly impossible for many to deal with the terms when their homes lost value and variable rates increased.

While I am pleased to see that the focus will be in Youngstown and Warren, both hard-hit areas that are in need of any type of uplift, I can’t help but think that at one point these were people’s homes.

While celebrating the beginnings of a fresh start in run-down areas, we need to reflect on the decisions that led us here in the first place, and the true cost to many families in the area.

Hopefully this will be a learning experience to those who still live in the areas that attempts are being made to be made to revitalize.

Both large and small lending agencies made a lot of money during the real-estate boom, but of the 300-plus houses on the chopping block I would be curious to find out how many of those were once the victim of a less than favorable loan.

The average person will never know the answer, but I encourage people to take a moment to reflect on what has been lost as we look to the future to rebuild.

Anthony Potts, Warren


Comments

1westsiderscare(33 comments)posted 4 months, 1 week ago

Majority of these homes set for the chopping block were bought buy undeserving individuals that didn't have a clue on what it takes to maintain a home or mortgage. Lending institution took avantage of it not THINKING(yeah right $$$) while they had the applicants applications right before thier very eyes that these soon to be home owners would be foreclosed on with in a year. Does the new home owner care? Absolutlely not! Tore up everything, gutted the home and left the place to let everyone else to deal with the eyesore plus property values went to hell. I'm tired of people having that entitled mentally that they deserve everything without being able to care for a home let alone earn it. Took me years to save a down payment on my home and here in this generation everything is just handed to them to throw away. THANKS a lot to the lending institutions, what a fine mess!

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2billdog1(1114 comments)posted 4 months ago

Anthony,
The damage is done. Tear the piece of crap down, learn some people are not worthy of a home loan, and move on. I'm not reflecting on anything more than that.

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3billdog1(1114 comments)posted 4 months ago

eivo, the banks cried they were to big to fail, but didn't have the money to cover for BAD mortgages they GAVE. So yes the banks made the mistake, and are one the ones that put the burden on the American people. The individual that never had anything, will never have anything and values nothing that lost the home didn't cost the tax payer. The bank did for lending to an unworthy Individual. The banks did it for gooberment subsidies. GREED. Not because they were forced.

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4jeratboy(127 comments)posted 3 months, 3 weeks ago

Banks were forced to loan money in certain areas. They still are. Why would a bank want to loan for a house in Youngstown if they didn't have to?

Most of the loans that banks gave and were called greedy were not the houses that are being torn down. The foreclosure you have seen in Canfield and Poland are those houses. The demo house were financed by the government forcing the banks to loan.

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